UK-based depositary INDOS Financial has been acquired by JTC, the provider of fund, corporate and private client services.
The acquisition comes almost 12 months after JTC purchased fund administrator NES Financial for $40 million, and marks the fourth in as many years for the fund services provider.
INDOS’ staff across London and Ireland will join the institutional client services division of JTC, and will become shared owners in the business. The transaction is subject to FCA regulatory approval and is expected to complete by the end of March.
“This transaction comes at a perfect time for INDOS and will enable us to continue to invest in and develop our range of services and the markets in which we operate for the benefit of our clients,” said Bill Prew, CEO, INDOS Financial.
“With JTC, we have found a partner that shares our passion to deliver market leading fund oversight services that enhance fund governance, add value and consider and protect the interests of fund investors.
As of the end of 2020, INDOS held over $35 billion in assets under depository.
The depositary had been growing its focus on environmental, social and governance issues (ESG) in recent years and also added new talent last year, hiring a former SS&C director and industry veteran, Alan Davies, to expand its offering to both UK and international clients.
“INDOS is a business of real quality which operates in a strategically important part of the fund services market. Having collaborated with Bill and the team several times, it is clear their deep expertise, commitment to service excellence and proven ability to innovate and grow makes INDOS a great addition to the JTC platform,” said Nigel Le Quesne, CEO, JTC.
“The transaction also adds further scale in Ireland, a priority market for the Group, and the UK where our London team has more than doubled in size over the last 18 months due to client demand. We offer a warm welcome to our new colleagues and are excited to bring the benefits of the acquisition to existing JTC clients and to providing INDOS clients with an even richer suite of global services and the full backing of the JTC Group.”